AXA Co-operative gets Saudi registration

Riyadh, July 26, 2009

AXA Co-operative Insurance Company, a Saudi Public joint stock company and a member of the Paris-based AXA Group, said it has received commercial registration from the Kingdom's ministry of commerce.

The announcement follows the issuance of a royal decree approving AXA Co-operative’s launch of operations as a licensed co-operative insurance company in Saudi Arabia and the Initial Public Offering which was over 5 times over-subscribed in April.

Globally, the AXA Group has more than 67 million clients and 135,000 employees. AXA is a major international insurer in the Middle East, offering a wide range of insurance products and services for corporate and individual customers.

Jean-Louis Laurent Josi, CEO of AXA Gulf, said: “As the largest market in the Middle East with excellent growth opportunities, Saudi Arabia is important for the AXA Group. The establishment of AXA Cooperative in Saudi Arabia’ will strengthen our position as the most successful international insurance company in the region."

"AXA is currently in the top 5 of the largest insurers in the Kingdom and has recently secured the insurance arrangements of several large contracts in the Kingdom including Power Generation, Railway and Telecommunications projects," Paul Adamson, nominated chief executive officer of AXA Co-operative.

“AXA Group has been operating in Saudi Arabia for over three decades and the establishment of AXA Cooperative will enable us to develop our operations in the Kingdom to better serve the needs of both businesses and private clients in the Kingdom," he remarked.

Adamson pointed out that the certainty that an insurance company has the financial strength to pay claims when you file them is of utmost importance for many.

"No matter what aspect of an insurance company is important to the consumer - price, service, level of advice - be sure to choose a company that is financially sound. Little else will matter if the company can not pay your claim!," he quipped.

AXA is well known in the region for its ability to pay claims. In the last 12 months AXA paid large claims in Saudi Arabia in the region of over $15 million.

This demonstrates AXA’s ability as one of the world’s largest international insurers to settle claims locally and provide financial support to clients when they need it most, he added.-TradeArabia News Service